Executive Summary
The advancement in technology and the rapid digitization in the modern world has led to several inventions in various industries. The Waltz automotive company majors in manufacturing and producing cars, and the firm have recently innovated electric car production. This idea emanated from the urge to manage the environment by controlling human activities. Climatic challenges and concerns have caused tensions in the world as human activities have been marked as the main causative agents. By creating electric cars, waltz forecasts about the world, which is environmentally sensitive, as this trend will help in managing climatic challenges, among other human satisfactions. Identifying a marketing environment for a new product with a favorable business climate is crucial to the company’s success and the adoption of the product. Hungary provides such an environment worthy of analysis. This report encompasses a marketing proposal plan for this brand, squarely delving into the Hungarian automotive industry’s analysis, concentrating on SWOT analysis, the culture in the country, the country’s economic situation, and its general market. The SWOT analysis aids in defining whether the waltz company will succeed in the marketing of its product. The competitive analysis establishes the projected competition and key brands in the Hungarian market that help the company position itself for the expected competition and roll out its product. The marketing plan encompassing the product, pricing, place, and promotion is effectively analyzed to gauge the company’s success rate in Hungary.
Introduction
Waltz Automobile Company is a multinational company that was started in 1980. Headquartered in Germany, Waltz deals in the manufacture and production of electric cars. As an international company, the firm has the capability to market and sell its products in countries across the world. Also, it has the ability and sustainability plan that enables its successful competition with major players in the automobile industry and effectively manages and cope with technological advancements and trends within the sector. The company is currently working on a marketing plan for its newly-established product, electric cars. The firm’s expansion strategies have led to its establishment and introduction of its highly rated and prospective Hungary product.
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Electric cars are cars propelled by an electric motor(s). The number of electric motors depends on the car’s capability and size. The electric propulsion of cars was an idea that was first generated and led to the production of the first electric car in the mid-19th century. Modern society is comprised of advanced technology and the need to create a sustainable environmental setting and surroundings. Changes in climatic conditions and the rise in global warming concerns have led to the development of environmentally friendly human activities and utilities (Font Vivanco et al. 12068). The use of renewable and green energy is of the essence. This way, the firm has been recognized for its environmental awareness, as it was awarded a trophy of the same last year. The production, marketing, and utilization of electric cars is a viable idea and the invention of an environmentally friendly product that humans need to embrace. Electric vehicles, compared to the vastly used internal combustion engine cars, are quiet. Have fewer emissions with no exhaust emissions, thereby environmentally friendly. Electric cars are convenient, and they concur with global climate change concerns.
The company’s choice of Hungary as its target market for electric cars is strategic, both economically and socially. A Hungarian, Anyos Jedlik established the first electric propelled automotive. This idea has advanced broadly in the modern-day, noting several countries in Europe and North America have adopted the technology. The USA has also seen a full launch and use of electric cars. Hungary is known for its developed automobile industry. The country produces over 400 thousand cars annually through its assembly of foreign brands, such as Audi, Mercedes Benz, Volkswagen, and Suzuki, among others. Waltz automobiles are determined to establish a manufacturing base in Hungary in order to produce locally made electric cars for its citizens, market them, and capture the market.
Hungary’s infrastructural capability and government policies on business and investment puts the country in a pole position for investment. As well, the favorable investment conditions lure investors and the urge to try out an emerging technology. Hungary is a free economy and provides governmental support for investors, especially o
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